KLAYUSDT Strong rebound but has a lot of Resistances ahead
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For this particular analysis on Klaytn we are using the KLAYUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame where KLAY is having today an enormous 1D candle, the strongest since July 29, which was a technical top (Lower High). The 1D RSI has rebounded from deep beneath the oversold barrier but the previous two times this happened in 2022 (May 12 and June 15), the price failed on key Resistance levels, which we will discuss below.
The May rebound failed below the 1D MA50 (blue trend-line) and got rejected just below the 0.382 Fibonacci retracement level. The June rebound slowly broke above the 1D MA50 but got rejected on the 1D MA100 (green trend-line), which is basically unbroken since March 29.
As a result, we can only approach this on a short-term break-to-break basis. If the price breaks above the 1D MA50, we can target the 1D MA100, and if it breaks above that too, then the 1D MA200 (orange trend-line). There is still a long way for KLAYUSDT to recover within this 2-year Channel Down.
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For this particular analysis on Klaytn we are using the KLAYUSDT symbol on the OKX exchange.
*** ***
The idea is on the 1D time-frame where KLAY is having today an enormous 1D candle, the strongest since July 29, which was a technical top (Lower High). The 1D RSI has rebounded from deep beneath the oversold barrier but the previous two times this happened in 2022 (May 12 and June 15), the price failed on key Resistance levels, which we will discuss below.
The May rebound failed below the 1D MA50 (blue trend-line) and got rejected just below the 0.382 Fibonacci retracement level. The June rebound slowly broke above the 1D MA50 but got rejected on the 1D MA100 (green trend-line), which is basically unbroken since March 29.
As a result, we can only approach this on a short-term break-to-break basis. If the price breaks above the 1D MA50, we can target the 1D MA100, and if it breaks above that too, then the 1D MA200 (orange trend-line). There is still a long way for KLAYUSDT to recover within this 2-year Channel Down.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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